BELGALFA CONSTRUCT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
BELGALFA CONSTRUCT
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€285,900
2024 · -€288,385+€574,285
Equity
€11.2m
2024 · €11.3m-€129,700
Cash
€4.6m
2024 · €1.3m+€3.3m
Balance sheet total
€17.8m
2024 · €15.2m+€2.5m
Largest movements
Assets
- Cash +€3.3m
up €3.3m (+251.5%), from €1.3m to €4.6m
mainly Other debts (+€2.7m) and Current investments (+€2.0m)
- Current investments -€2.0m
no longer reported in 2025 (was €2.0m)
- Receivables within one year +€1.3m
up €1.3m (+156.0%), from €806,688 to €2.1m
of which Other amounts receivable: +€1.2m
Equity and liabilities
- Other debts +€2.7m
up €2.7m (+70.8%), from €3.7m to €6.4m
Income statement
- Financial income +€546,009
up €546,009 (+1124.8%), from €48,543 to €594,552
- Services and other goods +€75,507
up €75,507 (+8.0%), from €938,946 to €1.0m
- Financial charges -€42,607
down €42,607 (-15.7%), from €271,123 to €228,516
- Turnover +€39,963
up €39,963 (+4.3%), from €923,471 to €963,434
- Staff costs -€20,925
down €20,925 (-69.5%), from €30,118 to €9,192
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
-€288,385
Turnover
+€39,963
Other operating income
-€33
Services and other goods
-€75,507
Staff costs
+€20,925
Depreciation
+€515
Other operating charges
-€242
Financial income
+€546,009
Financial charges
+€42,607
Taxes
+€47
Result 2025
€285,900
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.7m
Investment
+€2.0m
Financing
-€415,600
Cash 2024
€1.3m
From operations (derived)
+€1.7m
Net result for the year
+€285,900
Depreciation
+€12,060
Receivables within one year
-€1.3m
Deferred charges and accrued income
+€13,476
Trade debts
+€43,516
Tax, wage and social debts
-€9,658
Other debts
+€2.7m
Accrued charges and deferred income
-€4,556
Investment (derived)
+€2.0m
Investment in fixed assets (net)
-€5,000
Current investments
+€2.0m
Financing
-€415,600
Contributions, distributions and other
-€415,600
Cash 2025
€4.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,222,638 | €17,772,635 | +€2.5m | +16.8% |
| Fixed assets | 21/28 | €11,077,627 | €11,070,567 | -€7,060 | -0.1% |
| Tangible fixed assets | 22/27 | €87,910 | €75,850 | -€12,060 | -13.7% |
| Land and buildings | 22 | €34,613 | €22,553 | -€12,060 | -34.8% |
| Other tangible fixed assets | 26 | €53,297 | €53,297 | = | 0.0% |
| Financial fixed assets | 28 | €10,989,717 | €10,994,717 | +€5,000 | 0.0% |
| Affiliated companies | 280/1 | €10,986,191 | €10,986,191 | = | 0.0% |
| Participating interests | 280 | €10,986,191 | €10,986,191 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,526 | €8,526 | +€5,000 | +141.8% |
| Shares | 284 | €3,526 | €8,526 | +€5,000 | +141.8% |
| Current assets | 29/58 | €4,145,011 | €6,702,068 | +€2.6m | +61.7% |
| Amounts receivable within one year | 40/41 | €806,688 | €2,065,197 | +€1.3m | +156.0% |
| Trade receivables | 40 | €42,599 | €103,828 | +€61,228 | +143.7% |
| Other amounts receivable | 41 | €764,089 | €1,961,369 | +€1.2m | +156.7% |
| Current investments | 50/53 | €2,000,000 | - | -€2.0m | |
| Other investments | 51/53 | €2,000,000 | - | -€2.0m | |
| Cash at bank and in hand | 54/58 | €1,316,977 | €4,629,003 | +€3.3m | +251.5% |
| Deferred charges and accrued income | 490/1 | €21,345 | €7,869 | -€13,476 | -63.1% |
| Total equity and liabilities | 10/49 | €15,222,638 | €17,772,635 | +€2.5m | +16.8% |
| Equity | 10/15 | €11,337,264 | €11,207,564 | -€129,700 | -1.1% |
| Contributions | 10/11 | €2,479,000 | €2,479,000 | = | 0.0% |
| Capital | 10 | €2,479,000 | €2,479,000 | = | 0.0% |
| Issued capital | 100 | €2,479,000 | €2,479,000 | = | 0.0% |
| Reserves | 13 | €7,144,107 | €7,144,107 | = | 0.0% |
| Non-distributable reserves | 130/1 | €247,900 | €247,900 | = | 0.0% |
| Legal reserve | 130 | €247,900 | €247,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €259,646 | €259,646 | = | 0.0% |
| Distributable reserves | 133 | €6,636,561 | €6,636,561 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,714,158 | €1,584,458 | -€129,700 | -7.6% |
| Amounts payable | 17/49 | €3,885,373 | €6,565,071 | +€2.7m | +69.0% |
| Amounts payable within one year | 42/48 | €3,880,818 | €6,565,071 | +€2.7m | +69.2% |
| Trade debts | 44 | €59,508 | €103,023 | +€43,516 | +73.1% |
| Suppliers | 440/4 | €59,508 | €103,023 | +€43,516 | +73.1% |
| Taxes, remuneration and social security | 45 | €78,149 | €68,490 | -€9,658 | -12.4% |
| Taxes | 450/3 | €78,149 | €66,739 | -€11,409 | -14.6% |
| Remuneration and social security | 454/9 | - | €1,751 | +€1,751 | |
| Other amounts payable | 47/48 | €3,743,161 | €6,393,557 | +€2.7m | +70.8% |
| Accrued charges and deferred income | 492/3 | €4,556 | - | -€4,556 | |
| Operating income | 70/76A | €926,031 | €965,960 | +€39,929 | +4.3% |
| Turnover | 70 | €923,471 | €963,434 | +€39,963 | +4.3% |
| Other operating income | 74 | €2,560 | €2,526 | -€33 | -1.3% |
| Operating charges | 60/66A | €991,624 | €1,045,931 | +€54,307 | +5.5% |
| Services and other goods | 61 | €938,946 | €1,014,453 | +€75,507 | +8.0% |
| Remuneration, social security and pensions | 62 | €30,118 | €9,192 | -€20,925 | -69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,575 | €12,060 | -€515 | -4.1% |
| Other operating charges | 640/8 | €9,984 | €10,226 | +€242 | +2.4% |
| Operating profit (loss) | 9901 | -€65,593 | -€79,971 | -€14,378 | -21.9% |
| Financial income | 75/76B | €48,543 | €594,552 | +€546,009 | +1124.8% |
| Recurring financial income | 75 | €48,543 | €594,552 | +€546,009 | +1124.8% |
| Income from financial fixed assets | 750 | - | €555,212 | +€555,212 | |
| Income from current assets | 751 | €48,543 | €38,796 | -€9,748 | -20.1% |
| Other financial income | 752/9 | - | €545 | +€545 | |
| Financial charges | 65/66B | €271,123 | €228,516 | -€42,607 | -15.7% |
| Recurring financial charges | 65 | €271,123 | €228,516 | -€42,607 | -15.7% |
| Debt charges | 650 | €269,593 | €226,654 | -€42,938 | -15.9% |
| Other financial charges | 652/9 | €1,531 | €1,862 | +€331 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | -€288,173 | €286,065 | +€574,238 | |
| Income taxes | 67/77 | €212 | €165 | -€47 | -22.3% |
| Taxes | 670/3 | €212 | €165 | -€47 | -22.3% |
| Profit (loss) for the period | 9904 | -€288,385 | €285,900 | +€574,285 | |
| Profit (loss) for the period to be appropriated | 9905 | -€288,385 | €285,900 | +€574,285 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.